02 August 2023, Mumbai
Downtrend
The European Union's (EU) apparel imports for January to May 2023 decreased 8.84% in value, reaching US$36.31 billion compared to US$39.83 billion in the same period last year.
Quantity-wise, the EU imported US$1.46 billion worth of clothing, down 16.54% from the previous year's US$1.75 billion.
Stays ahead
Bangladesh remains the EU's second-largest apparel import source, holding a 23.32% share of total imports from 26 EU member countries.
China retains its position as the top supplier with a 23.67% share. Interestingly, Bangladesh has surpassed China in quantity, maintaining its leading position.
Multiple Datapoints
Both Bangladesh and China experienced declines in their apparel exports to the EU during the mentioned months of 2023. Bangladesh's import value decreased by 11.59%, while China's declined by 15.25%.
The overall trend in EU apparel imports shows negative growth for all top ten sourcing countries, indicating a challenging retail business and economic scenario.
Despite the downturn, Bangladesh is progressing in diversifying its products and moving towards sophisticated items, as reflected in the rise in unit prices.
CREDITS: BGMEA Press Release.
